cheap alright. A successful $100m raise - which was signifcantly...

cheap alright. A successful $100m raise - which was signifcantly insto supported - was only months ago. This cash wasn't vaporised, and no it isn't being spent on first class tickets to Hawaii and cigars by management. The plant IS literally in the process of being built, albeit some delays (naturally expected), significant residual cash in the bank remains, and most importantly the reserves have NOT depleted or gone anywhere.
How on earth does the market reflect a value of $127m while all these things ARE in process.

I'm buying. Either I'm as stupid as the insto's and others that supported the huge raise at $2p/s, or the market is just plain dumb and panicked or something else 'fishy' is going on.